Bitcoin Price Prediction: BTC Bulls Eyeing $28,000 Amid Renewed Interest

Updated: 06 June 2024

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Bitcoin’s price has seen intense volatility in the last 24 hours. Several significant events may have had an impact, the biggest one of which was once again caused by Grayscale.

Last week, Grayscale won a court case against the SEC when the court decided that the regulator needs to take another look at the company’s Bitcoin spot ETF proposal. Now, Grayscale lawyers demand a meeting with the SEC to discuss the Bitcoin ETF approval.

The crypto firm sent a letter to the Securities and Exchange Commission, asking it to halt the ongoing legal proceedings and agree to a meeting to reevaluate the situation. The letter said:

We believe the Commission should conclude that there are no grounds for treating the Trust differently from ETPs that invest in bitcoin futures contracts traded on the Chicago Mercantile Exchange (“CME”) whose Rule 19b-4 filings the Commission has previously approved.

It also added that Grayscale is confident that no additional arguments against the Bitcoin ETF product can be found. If there were any, they would have surfaced in one of the fifteen Commission orders rejecting spot Bitcoin Rule 19b-4 filings.

Marathon’s BTC mining rate dropped 9% in August

Another news that may have had an impact came from Marathon Digital Holdings, a US-based crypto mining operator. According to a press release on September 5, the company produced 1,072 BTC in August, representing a 9% drop compared to July. At the same time, it is also five times more than what the company produced in August 2022.

The press release also revealed that the company increased its US operational hash rate by 2% monthly, totaling 19.1 exahashes in August. The change happened after the company upgraded to a more efficient Bitmain Antminer model, going from S19j Pro miners to S19 XP models.

The installed hash rate increased by 1% month-over-month, climbing to 23.1 exahashes. Next, the company aims to hit 30 exahashes using a combination of international facilities and contracts from other entities.

How did this impact Bitcoin?

After these new reports, Bitcoin prices started seeing greater short-term volatility. Its price fluctuated between $25.68k and $25.84k in the second half of September 5. The fluctuations became smaller as the day approached the end, going from support at $25.68k to a resistance at $25.76k.

However, on September 6, the coin saw a price surge that took up to $25.84k again, only to correct further to a support at $25.71k, while the current resistance still sits at $25.76k.

Moving forward, experts believe that Bitcoin’s price might drop to $25.5k, as BTC is in the middle of forming a symmetrical triangle, a continuous pattern.

Another analyst noted that the 4-hour chart shows a clearer image of the situation. They said the market was recently rejected from the $27.5k short-term resistance level and had been declining toward the $25k support area.

Meanwhile, the RSI indicator indicates values below 50%, emphasizing the current bearish momentum controlling the coin’s price. Should the support area around $25k fail, Bitcoin could start spiraling down with little to no control. This has not happened yet, and there is a chance that it might not happen at all. However, it remains a possibility, and traders should know it.

A new presale captivates opportunity seekers

During times of uncertainty, many crypto users turn away from risky assets and go after different kinds of opportunities, such as presales. Presales deemed legitimate tend to be safe for buyers, as their coins and tokens are not subject to volatility during the duration of the presale.

One of the newest examples that has already started attracting buyers is Bitcoin BSC (BTCBSC), a green BEP-20 version of Bitcoin built on the BNB Smart Chain.

The token was simulated to begin early in Bitcoin’s history, back in 2011. It offers staking, and just like the BTC blockchain releases new BTC every 10 minutes, so will the BTCBSC, only through staking rather than mining.

As for the presale itself, it will remain open until it reaches a soft cap of $3.96 million. So far, it has managed to raise $27,885 in only a few hours. Its token, BTCBSC, is selling for $0.99, and anyone interested can buy it in exchange for BNB, ETH, or USDT.

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